Blackstone's REIT to property

Q: American private equity fund Blackstone has begun the process of grouping all the property it holds in India into a real estate investment trust, or REIT.

Aman Sohal, Chandigarh

16th December 2014

Real estate News in Chandigarh

real estate investment trust

reits

blackstone

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3c group

oxygen sez

noida-greater noida expressway

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Blackstone now has 27 million sq-ft. of commercial space that is operational and 6 million sq-ft. under construction. As per Anshul Jain, chief executive, DTZ, a real estate advisor, developers in India that have put in a lot of effort over the past 10 years are now looking for a natural exit. For funds, investing in such important income-producing assets is one of the safest options.

Sidharth Bhardwaj, Chandigarh

18th December 2014

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Blackstone is likely to lease out the rest of the space on its own after it takes over the property in the next two weeks. The building houses multinational tenants including United Health Group, Sapient, Dell, EXL and others that are paying rentals averaging Rs 35/sq-ft every month.

Ruchika Thakur, Chandigarh

18th December 2014

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The deal will make Blackstone top owner of commercial real estate in the country. A Blackstone spokesperson dropped comment. There was no response from 3C. The 27-acre Oxygen SEZ on the Noida-Greater Noida Expressway has about 300000 sq-ft. of space that is still to be leased and another 500000 sq-ft. that can be developed.

Ruchika Thakur, Chandigarh

18th December 2014

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Hey,
Have you read the news? American Based Co. Blackstone has purchased an IT special economic zone of 1.5 million square feet owned by real estate developer 3C Group for Rs 625 crore.

Sidharth Bhardwaj, Chandigarh

18th December 2014

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Another person close to the transaction said Blackstone was looking to convert its real estate assets and the appointment of bankers was to see if a REIT was possible. The firm is looking at a listing in the next financial year. Initial work has begun.

Anu Dhiman, Chandigarh

16th December 2014

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The shares sale will value the fund's assets at $ 3 billion. Blackstone has the 3rd largest commercial real estate portfolio after DLF Ltd and K Raheja Corp. Six investment banks have been hired to advise them to transfer the assets with the least tax outgo, said one of the three persons refered above.

Shivank Sharma, Chandigarh

16th December 2014

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American private equity fund Blackstone has listed this on the local stock market to raise around $ 1.5 billlion Rs 6000 crore, by selling lion or roughly 50% to the public, four people with direct knowledge of the development.

Anu Dhiman, Chandigarh

16th December 2014

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